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Today's Shanghai copper main contract 1707 around 44800 yuan / ton around the narrow fluctuation, the operating range of 44890-44420 yuan / ton, the end of the close at 44730 yuan / ton, a slight increase of 0.
07% per day, the current Shanghai copper continued to fall, the willingness to fall slightly weakened, the lower support to focus on 44000 yuan / ton
.
In terms of term structure, the copper market maintained a positive arrangement of near low and far high, and the positive spread between the Shanghai copper 1706 contract and the 1707 contract was flat
.
Externally: the decline of Asian copper slowed down, fluctuating in a narrow range around 5510 US dollars / ton, of which the 3-month London copper operating range was 5514-5477 US dollars / ton, and now rose slightly by 0.
24% to 5510 US dollars / ton
.
In terms of positions, on May 5, the position of London copper was 342,000 lots, down 3,114 lots per day, and last week Lun copper increased its position and fell, indicating that after the long-short divergence increased, the short dominated for the time being
.
On the macro front: The Asian dollar index rebounded to around 99.
25, but remained close to the low set on November 9
, 2016.
The short-term market lacks focus, long and short trading is light, and the focus on China's April credit and social finance data will be released in the evening, looking for the central bank's monetary policy orientation
.
In terms of the industry, it is reported that the CEO of Poland Copper Group, Europe's second largest copper miner, said that the company has cancelled the resumption of the second phase of the Sierra Gorda copper mine in Chile
.
In terms of market: on May 9, Shanghai electrolytic copper spot contracts reported a premium of 30 yuan / ton - 60 yuan / ton of water premium, and the transaction price of flat water copper was 44680 yuan / ton - 44740 yuan / ton
.
Shanghai copper continued to decline, holders maintained a high willingness to cash out, the supply of copper is sufficient, the brand is diversified, so that the current copper premium water is further narrowed, especially good copper active reduction of the willingness to reduce the premium is more obvious, near noon some middlemen due to the long order delivery demand into the market to receive, the current copper premium is still in a tug-of-war, but the downstream has not seen obvious entry into the market, transaction fatigue
.
The Shanghai copper 1707 contract oscillated to 44730 yuan / ton during the day, as the stock of copper turned from increasing to decreasing, and the short-term market lacked focus, long and short trading cautious
.
However, in view of the short form of copper technology, it is recommended to maintain the short idea
.
It is recommended that the Shanghai copper 1707 contract can be backed by 45,300 yuan below the sky, the entry reference is around 44,900 yuan, and the target is around
44,000 yuan.
